Moore told Wealth Manager that no significant changes to the portfolio were planned in light of Mott's departure. 'Overweights and underweights will remain the same. We will focus on the fund's dividend yield, which is around 4%,' he said.

The manager added there are no imminent plans to expand the team, adding that he is able to draw on the breadth of experience in Miton's UK equity team, which includes Williams, George Godber and Martin Turner.

Mott, a former quantum physicist, is planning to retire from the industry at the end of the year. Over his career, which spans almost four decades, he has become well known for his top-down thematic approach that seeks to identify inflection points in markets.

He formerly ran the Credit Suisse Income fund, which he headed for most of the nineties. He correctly called the bubble in technology stocks, subsequently profiting from backing quality businesses.

Miton's head of sales and marketing Ian Chimes said: 'We would like to acknowledge Bill Mott's fantastic career.

'He was not only a good investor but through the quality and entertaining nature of his presentations he was able to get across complex concepts through quite bizarre anecdotal ideas. This made him a very popular investor and fund manager. We would like to pay tribute to a great career.'

Over the past three years the £370 million PSigma Income fund has posted a 33.9% return versus 37.3% by the UK Equity Income sector average. Over the past 12 months the fund is up 12.6% versus 14.4% by the sector average.

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